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Old 01-06-2009, 09:03 PM
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Originally Posted by Jupiter Sunsation View Post
In all of the articles I read on short sales I have never heard that explanation but it makes total sense. However if the bank takes a hit (even in a short sale) couldn't a claim still be made on the mortgage insurance?
Theory is kinda like this:

Foreclosure sale equals fair market value, where a short sale could be anything negotiated, so they use the auction value as the basis for the claim.

It just is determined on how the mortgage insurance was underwritten. But count on them just foreclosing and they collect the full value, the lender will do what benefits them the most.
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Old 01-06-2009, 09:56 PM
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Not exaclty, but close
When a lender forecloses, they are somewhat bound to write the property value to ZERO (it's called mark to market).
The lender is then able to show tremendous losses on paper, and potentially look to the Federal Gov. for help.
Meanwhile the banks REO dept. markets and sells the property, which obviously has much more than a Zero value, and that is pure profit...
The upside for the bank is much bigger with a foreclosure than a short sale.
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Old 01-07-2009, 05:57 AM
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Pretty much explains how they made a bad market even worse. It's no wonder people are having such a tough time. On the other hand, the percentage of owners defaulting on their re-negotiated mortgages is huge.
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Old 01-07-2009, 06:33 AM
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ok guys..I have an employment opp in Leesburg FLA. moving from Cleveland Oh. , Currently have a 250K 4 bedroom 3 bath .. looking for similar on or close to the Bay.Possible? Dock for a 34' Scarab ? Please e-mail listings to
[email protected].. Dave
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Old 01-07-2009, 07:02 PM
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Quote:
Originally Posted by rockstrmkr View Post
Not exaclty, but close
When a lender forecloses, they are somewhat bound to write the property value to ZERO (it's called mark to market).
The lender is then able to show tremendous losses on paper, and potentially look to the Federal Gov. for help.
Meanwhile the banks REO dept. markets and sells the property, which obviously has much more than a Zero value, and that is pure profit...
The upside for the bank is much bigger with a foreclosure than a short sale.
No bank writes it down to zero and then sells for a profit.

They turn it over to an asset company then to a broker like me after pre-marketing prep, like trashout and landscaping. Which we arrange through contractor's weekly.

"Mark to market" means exactly that, marking down to market value, not "zero", the property goes through several appraisals before being listed. I know because I do about 20 of these appraisals/month.

Sounded good, though.
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Old 01-07-2009, 08:30 PM
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All due respect, I do the same thing you do. Have spoken to many attorneys about it. The banks for the most part all write to Zero, before giving it to the asset management company.
The beauty is that "market value" for the lender on the day of foreclosure is truly Zero, unless there is a buyer at fair market value that day. Sliding it from the lenders name into the asset managers name probably has more to do with length of time on bank books.
Again, all really meaningless. Foreclusures have and will continue to provide a great addtional source of revenue, so it's all good....
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Old 01-08-2009, 10:39 PM
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Go, Hans, Go !!!

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Old 01-08-2009, 11:21 PM
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What up Greg ?
Going to the Miami Show?
H.
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Old 01-09-2009, 12:03 AM
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I recently retired and purchased a home in Destin Florida...[located on the pan handle] It's an community named Sandestin Golf and Beach Resort. Were not on the water but there is a boat ramp / lift within walking distance..not that you can pull you boat by hand

There is another home beside us for sale...I suggest this area if you want to be in Florida and a safe and enjoyable area but not in a big busy city. We love it....and it only cost us about 300k
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Old 01-09-2009, 06:25 PM
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For you guys in the foreclosure business or real estate business. I am looking for something quaint with water access for a Top Gun. Maybe a place to keep it stored in the winter as I live in the Pittsburgh(go Steelers) Pa. and would like to try the winter boating out down there. under 300k if possible. I like the area from Clearwater down to St. Petes especially Reddington area. Thanks [email protected]
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